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Insurance Policy

Insurance Policy

Term Changes

Term Changes

 

Insurance policy term changes

A range of changes to insurance policy terms have been updated within the relevant Product Disclosure Statements to better support enhanced member outcomes and equity.

These changes are detailed in the table below:

Update Client impact Summary of change FirstChoice Wholesale Super FirstChoice Personal Super FirstChoice Employer Super Rollover and Superannuation
Income Protection benefit where waiting period ceases after cover expiry Improved terms Where the client would be paid an IP benefit but the waiting period expires one month prior to or after the cover expiry age, members will now be paid one month’s benefit.
 
Terminal illness definition Update Update terminal illness definition wording to align with the latest common medical terminology.
Exclusion of disability payments from income definition Update Amend the definition of disability income to clarify that disability payments from Centrelink or payments of a similar nature do not constitute disability income.
 
Reference to ‘sane’ Update Removing references to ‘sane’ throughout the policy.
Update Activites of Daily Living definition
Improved terms Adding additional limbs to the Activities of Daily Living definition (Continence and Bathing) where not currently included.
 
End of cover terms – armed forces Improved terms Removing the end of cover term in relation to a member joining the armed forces, so this is an exclusion to claim only.
ROSCO pre-Nov 2002 members Improved terms Remove the distinction between members who applied pre and post 25 November 2002, ensuring TPD cover does not cease for members working <20 hours per week.
 
   
ROSCO end of cover terms Improved terms Remove end of cover terms in relation to worldwide cover and leave without pay.
 
   

Disclaimer

Adviser Use Only

Colonial First State Investments Limited ABN 98 002 348 352, AFSL 232468 (Colonial First State) is the issuer of FirstChoice Personal Super, FirstChoice Wholesale Personal Super, FirstChoice Pension, FirstChoice Wholesale Pension, FirstChoice Employer Super offered from the Colonial First State FirstChoice Superannuation Trust ABN 26 458 298 557. It also issues interests in the Rollover & Superannuation Fund (ROSCO) and Personal Pension Plan (PPP) offered from the Colonial First State Rollover & Superannuation Fund ABN 88 854 638 840. Colonial First State also issues interests in products made available under FirstChoice Investments and FirstChoice Wholesale Investments. This is based on the understanding of current regulatory requirements and laws as at 14 March 2019. While all care has been taken in the preparation of this document (using sources believed to be reliable and accurate), to the maximum extent permitted by law, no person including Colonial First State or any member of the Commonwealth Bank group of companies, accepts responsibility for any loss suffered by any person arising from reliance on this information. This document provides information for the adviser only and is not to be handed on to any investor. It does not take into account any person’s individual objectives, financial situation or needs. You should read the relevant Product Disclosure Statement (PDS) and Financial Services Guide (FSG) before making any recommendations to a client. Clients should read the PDS and FSG before making an investment decision and consider talking to a financial adviser. The PDS and FSG can be obtained from or by calling us on 13 18 36.

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